Supply & Demand

What happens in the market for airline travel when the price of traveling goes down?

Goods that get used or replaced often are called _________________.

If the cost of making bicycles goes down, then the supply will likely ____________.

If a toy store only has 30 of this year's favorite toy, what will likely happen?

Kayla got her haircut at Bella Luna Salon. She paid $36. Did she pay for a good or a service?

The study of how people make choices to get the things they need and want is _____.

A washing machine and dryer are examples of ___________.

Oil and diamonds are both often expensive because they are _____________.

T/F A popular shoe company makes a limited version of a shoe, so the price will be high.

Food and clothing are examples of _________.

In an economic system, ______ create goods based on what the consumer wants or needs.

Long-lasting goods are called ______________.

The total value of goods provided in a country during one year is called _____.

The ability to buy goods and services is called________.

An economic system in which there is free competition & prices are determined by the ...

All things being equal, more is demanded at a lower price than at a high price is known as ___.

The amount sellers are willing and able to sell at various prices is called ________.

Nike is about to release the newest Nike Jordan's. What will likely happen to the old version?

T/F If a manufacturer produces a surplus of perfume, the price of the perfume will decrease.

True or False? Every consumer is a part of an economic system.

True or False? Manufacturers create only what consumers need.

Which jobs are examples of service providers?

If a company releases only 100 of their new car model, what would you expect to happen?

Gasoline and cleaning supplies are examples of ________.

If there is too much of a supply, there is a ________.

All things being equal, more is supplied at a higher price than at a lower price is known as __

What do you call someone who creates and supplies goods and services?

If there is not enough supplies, there is a _________.

If an author signs 50 copies of his book, what will happen to those copies?

the system where the market produces goods & services but the govn't can step in & make changes

True or False? A consumer is a person who buys and uses things.

Furniture, such as a kitchen table and chairs, are examples of ____________.